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Ethereum Forecast: ETH/USD About to Break?

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether is preparing for the next move against the US Dollar while consolidating losses versus bitcoin. ETH/USD is forming a range of $325.00-$335.00.

Key Highlights

Ether is holding the $325.00 support against the US Dollar and poised for the next move.
ETH/USD is holding an important support near two connecting bullish trendlines at $325.00 on the 2-hour chart.
ETH/BTC is consolidating recent losses above the 0.042BTC support.

Technically, the 2-hour chart indicators are showing minor bearish signs.

Can Ether Price Hold $325?

In yesterday’s analysis, we discussed a crucial support area near $325.00. ETH/USD was successful in holding the stated $325.00 support and is currently trading in a range.

Looking at ETH/BTC, the pair started consolidating losses above the 0.042BTC support. However, the pair remains at a risk of more declines if it fails to hold the 0.042BTC support level.

Ethereum Price ETH USD Forecast

Starting with the 2-hour chart of ETH/USD, there are two bullish trendlines forming around $325.00. The pair recently attempted a downside break and just managed to hold $325.00.

It seems like there was a minor increase in selling pressure on Ether, as there was no push above $335.00. On the upside, there's a connecting bearish trendline forming with resistance at $332.00. A close above $332.00 should open the doors for more gains towards the next important hurdle near $340.00.

On the downside, Ether’s price must stay above the $325.00 support. Should there be a close below $325.00, there could be further declines toward $320.00 or even $305.00.

Ether Price Analysis Chart

Moving on to the 30-minute chart of ETH/USD, there is a range forming with support at $325.00 and resistance at $335.00. The pair will most likely trade in the mentioned range before it makes the next move either above $335.00 or below $325.00.

Looking at the current market sentiment, Ether is showing a few bearish signs below $332.00. The $325.00 support holds the key for the next break. Should $325.00 continues to hold declines in ETH/USD, the pair will most likely move higher in the near term.

Important Resistance Levels

$332.00 and $340.00

Important Support Levels

$325.00 and $320.00

2-hour RSI

The RSI is moving up and down around the 50 level.

2-hour MACD

The MACD has moved into the bearish zone with no real momentum.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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